NRK.NYSENuveen New York Amt-free Quality Municipal Income Fund

SCHEDULE 13D/A: Karpus Management Reduces Stake in Nuveen New York AMT-Free Quality Municipal Income Fund

Sentiment:

Beneficial Ownership Update

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Karpus Management, Inc. has filed an Amendment No. 11 to its Schedule 13D, disclosing a reduced beneficial ownership of 19.63% in Nuveen New York AMT-Free Quality Municipal Income Fund following significant net sales of shares.

Worse than expectedThe document indicates a significant net reduction in shares held by Karpus Management, Inc., a major beneficial owner, through net sales of over 1 million shares since the last amendment. This reduction in stake by a large investor can be perceived negatively by the market.

Summary

  • Karpus Management, Inc. (d/b/a Karpus Investment Management) filed Amendment No. 11 to its Schedule 13D regarding its beneficial ownership in Nuveen New York AMT-Free Quality Municipal Income Fund.
  • As of April 29, 2025, Karpus beneficially owned 17,121,241.67 Common Shares, representing approximately 19.63% of the 87,235,304 total Shares outstanding as of November 8, 2024.
  • The aggregate purchase price for the shares beneficially owned by Karpus is approximately $181,628,048.15, excluding brokerage commissions.
  • Since the previous Schedule 13D amendment filed on March 18, 2025, Karpus Management, through its managed accounts, engaged in significant net selling activity.
  • During this period (March 17, 2025, to April 29, 2025), Karpus sold a total of 1,020,254 shares and purchased 7,000 shares, resulting in net sales of 1,013,254 shares.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the significant net selling activity by a major beneficial owner, which could be interpreted as a reduction in conviction or a strategic divestment.

Negatives

  • Karpus Management, a significant beneficial owner, has engaged in substantial net selling of 1,013,254 shares since March 18, 2025, indicating a reduction in their investment in the fund.

Risks

  • The reduction in beneficial ownership by a large institutional investor like Karpus Management could signal a lack of confidence or a strategic shift, potentially impacting investor sentiment and the fund's share price.

Future Outlook

The document does not provide forward-looking statements or guidance from the Issuer or Karpus Management regarding future performance or strategic direction beyond the ownership disclosure.

Industry Context

This filing pertains to a closed-end municipal income fund, a type of investment vehicle that invests in municipal bonds, typically offering tax-exempt income. The activity reflects an investment advisor's ongoing management of a significant stake in such a fund, which is common in the asset management industry where large investors adjust their positions based on market conditions, fund performance, or client mandates.

Stakeholder Impact

  • Shareholders: The reduction in a significant institutional investor's stake might lead to concerns about the fund's future performance or valuation, potentially influencing share price.

Key Dates

DateDescription
11/07/2023Original Schedule 13D filed by Karpus Management, Inc.
12/26/2023Amendment No. 1 to Schedule 13D filed.
01/08/2024Amendment No. 2 to Schedule 13D filed.
03/01/2024Amendment No. 3 to Schedule 13D filed.
04/22/2024Amendment No. 4 to Schedule 13D filed.
05/31/2024Amendment No. 5 to Schedule 13D filed.
06/03/2024Amendment No. 6 to Schedule 13D filed.
06/03/2024Amendment No. 7 to Schedule 13D filed.
10/04/2024Amendment No. 8 to Schedule 13D filed.
11/08/2024Total number of Shares outstanding (87,235,304) as reported by the Issuer on Form N-CSR for the reporting period ended August 31, 2024.
01/22/2025Amendment No. 9 to Schedule 13D filed.
03/17/2025Start date of reported transactions (sales/purchases) by Karpus Management, Inc.
03/18/2025Amendment No. 10 to Schedule 13D filed, and the reference point for transactions reported in this amendment.
04/29/2025Date of event which requires filing of this statement; also the date as of which Karpus beneficially owned the stated shares.
05/01/2025Date of signature for Amendment No. 11.

Recommendation

hold

Keywords

Nuveen New York AMT-Free Quality Municipal Income Fund, Karpus Management Inc., Schedule 13D, Beneficial Ownership, Closed-End Fund, Municipal Bonds, Investment Management, SEC Filing, Share Sales

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